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News

Crypto Lender Salt Stops Withdrawals Due To The Impact Of The FTX

November 15, 2022 - Around 2 mins mins to read
A business email sent to customers by the cryptocurrency lending platform Salt states that withdrawals and deposits have been suspended.
Crypto Lender Salt Stops Withdrawals Due To The Impact Of The FTX

The company claimed in a statement attributed to CEO Shawn Owen that “the collapse of FTX has damaged our business,” but did not specify the full scope of the risk.

“Until we are able to determine the extent of this impact with specific details that we feel confident are factually accurate, we have paused deposits and withdrawals on the SALT platform effective immediately,” Owen wrote.

Owen went on to write that the company is “working diligently with our partners to secure a clear path forward and plan to be as transparent as possible.”

The latest cryptocurrency company to admit that the failure of FTX, which on Friday filed bankruptcy, had a detrimental impact on it is Salt. Before the exchange went under, many cryptocurrency businesses, including those in the trading and markets industry, had money on it.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

Crypto Lender

FTX

Salt

Salt states

Stops Withdrawals

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Crypto Lender Salt Stops Withdrawals Due To The Impact Of The FTX

A business email sent to customers by the cryptocurrency lending platform Salt states that withdrawals and deposits have been suspended.
Crypto Lender Salt Stops Withdrawals Due To The Impact Of The FTX

The company claimed in a statement attributed to CEO Shawn Owen that “the collapse of FTX has damaged our business,” but did not specify the full scope of the risk.

“Until we are able to determine the extent of this impact with specific details that we feel confident are factually accurate, we have paused deposits and withdrawals on the SALT platform effective immediately,” Owen wrote.

Owen went on to write that the company is “working diligently with our partners to secure a clear path forward and plan to be as transparent as possible.”

The latest cryptocurrency company to admit that the failure of FTX, which on Friday filed bankruptcy, had a detrimental impact on it is Salt. Before the exchange went under, many cryptocurrency businesses, including those in the trading and markets industry, had money on it.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News